InvenSense Raises $19 Million

InvenSense Inc., a Sunnyvale, Calif.-based provider of motion sensing solutions for mobile consumer applications, has raised $19 million in Series C funding. Sierra Ventures led the round, and was joined by Foxconn, Inventec Appliances Corp., Skylake Ventures, DoCoMo Capital, VentureTech Alliance  and return backers Artiman Ventures, Partech International and Qualcomm Ventures. InvenSense has now raised $38 million in total VC funding.

 

PRESS RELEASE

InvenSense, Inc. (www.invensense.com), the leading provider of motion sensing solutions for mobile consumer applications, today announced it has secured $19 million dollars in Series C venture capital financing. The round was led by new investor Sierra Ventures, with participation from previous investors Artiman Ventures, Partech International and Qualcomm Ventures. Several strategic investors also participated in the Series C investment round including Foxconn, Inventec Appliances Corp, both from Taiwan; Skylake Ventures from Korea; DoCoMo Capital, a wholly-owned U.S. subsidiary of NTT DoCoMo Japan, and VentureTech Alliance (whose majority LP is TSMC). Ben Yu, managing director at Sierra Ventures, will join InvenSense's board of directors. The round will bring InvenSense's total funding to date to $38 million.

The latest infusion of investment funding will accelerate the next phase of company growth and evolve both the company business and product strategy. InvenSense will expand sales operations to support new customers and bring a new family of the world's first integrated motion sensing solutions based on multi-axis gyroscopes and accelerometers with embedded intelligence. These products address the fast-growing need for motion sensors in portable consumer electronics markets that will fuel a host of innovations in next generation applications such as 3D-games and gesture-enabled mobile phones.

InvenSense has already demonstrated a clear leadership position in mass production of very advanced MEMS motion sensing solutions with wide acceptance by many major consumer electronics companies, said Ben Yu, managing director, Sierra Ventures. We are excited about the enormous market potential for InvenSense's upcoming, innovative solutions and are convinced that InvenSense will be the dominant provider of a new generation of motion sensors for the burgeoning consumer handheld market.

Sierra Ventures was the ideal partner to lead this round for us, and we are pleased with participation by a high quality list of Asian strategic investors. We have now solidified our commitment to Asia and to some of the largest consumer electronic companies in the world, said Steven Nasiri, chief executive officer and founder of InvenSense. This new capital will help InvenSense continue to lead the way in developing the most innovative and cost effective motion sensing solutions with integrated gyroscopes, accelerometers, and embedded intelligence and enable a new generation of applications for gaming, mobile phones, 3D-remote controls, digital cameras and personal navigation devices.

About Sierra Ventures

Sierra Ventures, founded in 1982, is a privately held venture capital firm focused on investments across all areas of the Information Technology sector from semiconductors to enterprise software. Sierra Ventures has managed eight venture capital partnerships and currently has more than $1.5 billion of capital under management. More information is available at www.sierraventures.com.

About InvenSense

InvenSense is the leading provider of motion sensing solutions for mobile applications, with proven technology and millions of units shipped to major OEMs worldwide. The company's MEMS motion sensing technology addresses emerging mass-market applications such as image stabilization, mobile navigation, location-based services and smart user interfaces that use hand motion and gesture-based commands. InvenSense's corporate offices are located in Sunnyvale, Calif. More information can be found at www.InvenSense.com